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Boston Globe
29-04-2025
- Business
- Boston Globe
Leaders favored for R.I. Senate's top posts revive debate on taxing state's wealthiest
Not so fast, though. Both Governor Dan McKee and House Speaker Joe Shekarchi have repeatedly poured cold water on the idea, with McKee recently telling WPRO's Gene Valicenti that he wouldn't be in favor of raising taxes 'unless there's a really good reason to do it.' Get Rhode Map A weekday briefing from veteran Rhode Island reporters, focused on the things that matter most in the Ocean State. Enter Email Sign Up If this issue picks up steam, you can expect McKee and Shekarchi to point to a policy brief Advertisement The bigger picture: Advertisement The report notes that income tax revenues grew by an average of 6.2 percent annually between the 2019 and 2025 fiscal years, and suggests that higher earners 'not only contribute a disproportionate share of tax revenue but also fuel economic growth and philanthropic activity.' 'The data show that Rhode Island's tax system already places a substantial burden on high earners and small businesses,' RIPEC President and CEO Michael DiBiase said. 'Rather than raising rates, we should be considering ways to make our tax code more competitive and more supportive of economic growth.' Between the lines: There's always a chance McKee and Shekarchi could soften their stance on taxes no matter what RIPEC says. The obvious reason would be due to a significant cut in federal funding – which has not been proposed at this point – but there is also a lot of pressure on state leaders to address the shortage in primary care providers. At the same time, there's also a chance that Lawson wouldn't want her first action as the newly elected Senate president to be as controversial as an income tax increase might be. This story first appeared in Rhode Map, our free newsletter about Rhode Island that also contains information about local events, links to interesting stories, and more. If you'd like to receive it via email Monday through Friday, . Dan McGowan can be reached at
Boston Globe
24-04-2025
- Business
- Boston Globe
R.I. added 800 jobs in the beginning of 2025, but the state economy is showing signs of ‘weakness,' a new briefing says
The number of employed state residents was down by 2,300 in the first quarter. Meanwhile, the labor force participation rate declined slightly to 64.1 percent, the data shows. Advertisement And the state's unemployment rate ticked up to 4.7 percent marking 'the seventh straight quarter in which it has either increased or held steady,' according to RIPEC. The rate is also noticeably higher than the overall New England rate at 3.9 percent and the national rate at 4.1 percent. Get Rhode Map A weekday briefing from veteran Rhode Island reporters, focused on the things that matter most in the Ocean State. Enter Email Sign Up While there were some 'cautionary signs' late last year, the latest data provides 'stronger evidence of a weakening economy,' Michael DiBiase, president and CEO of RIPEC, said in a statement. 'It is encouraging that Rhode Island-based jobs continued to grow in Q1, and that GDP grew for the fourth straight quarter in Q4 2024,' DiBiase said. 'However, unemployment increases are no longer attributable to more people being in the labor market, and our unemployment rate has now exceeded both the New England and U.S. rates for five consecutive quarters.' Advertisement The data also arrives at a trepidatious moment as investors, economists, and experts closely watch how the Trump Administration manages its 'While it would be an overstatement to attribute the weakening of Rhode Island's economy in Q1 solely to rising policy uncertainties—including unprecedented shifts in international trade and heightened volatility in both national and global markets—the evolving national policy landscape will continue to put pressure on the economies of both Rhode Island and the broader New England region,' Edinaldo Tebaldi, professor of economics and vice president of strategy at Bryant University, said in a statement. Christopher Gavin can be reached at
Boston Globe
05-02-2025
- Business
- Boston Globe
Number of R.I.-based jobs hit record high in late 2024, as unemployment rate held steady, report says
The increase put Rhode Island at an all-time high for in-state jobs — a total of 514,300, data included in the briefing shows. The largest job gains in the fourth quarter were in the leisure and hospitality industries, which picked up about 2,300 jobs, followed by 'trade, transportation, and utilities' with 1,400 jobs, and 'professional and business services' with 600 jobs, the report states. Get Rhode Map A weekday briefing from veteran Rhode Island reporters, focused on the things that matter most in the Ocean State. Enter Email Sign Up Notably, the state's largest sector, education and health services, saw a decrease of about 200 jobs, while the construction and manufacturing sectors respectively lost 200 and 300 jobs last quarter. Advertisement 'While some sectors faced slight declines, Rhode Island's economy continues to show resilience, with substantial year-over-year job growth in its largest and most relevant sectors,' Edinaldo Tebaldi, professor of economics and vice president of strategy and institutional effectiveness at Bryant University, said in a statement. Overall, the state economy closed out last year with strong growth in several key indicators, although there are 'some signs of weakening,' according to RIPEC. 'The fourth quarter of 2024 represents a continuation of primarily positive quarterly results,' Michael DiBiase, president and CEO of RIPEC, said in a statement. 'We added a significant number of jobs, and more Rhode Islanders are working compared to last year. Our recent [gross domestic product] growth has also been impressive given that Rhode Island has historically lagged the region and nation in this measure.' According to RIPEC, the state's gross domestic product for the third quarter of 2024 grew by 3.6 percent 'an increase that exceeded both the New England region (2.9 percent) and the U.S. (3.1 percent) for the third straight quarter.' Data for the fourth quarter was not available on Tuesday. Advertisement Yet, DiBiase added the state is seeing 'some cautionary signs, with a dip in labor force participation this quarter.' The rate fell by 0.4 percent to 64.8 percent last quarter. 'We are also watching the unemployment rate — which has now been higher than both the New England and U.S. rates for the last four quarters,' DiBiase said. Indeed, Rhode Island's unemployment rate hovered at 4.6 percent last quarter after increasing for five consecutive quarters. While the rate remains historically low, it is still above the national rate of 4.1 percent, and significantly higher than the regional rate of 3.5 percent, the report states. The number of employed Rhode Islanders, meanwhile, dipped in the fourth quarter to 561,900 from 564,600 the previous quarter, when that number hit a record high, according to Justine Oliva, manager of research for RIPEC. 'There's still a lot of a lot more Rhode Islanders working, and a lot more Rhode Island jobs year over year, relative to historic levels,' Oliva said Wednesday. Christopher Gavin can be reached at
